AUD/USD Current price: 0.7567
- RBA meeting next Tuesday to offer little new. Chinese trade balance more relevant this week.
- Aussie to remain more sensitive to market's sentiment and equities woes.
The AUD/USD pair closed at 0.7567, little changed for a fifth consecutive week. The pai r trimmed all of its intraday losses on Friday, as encouraging US data boosted Wall Street, and the Aussie has been lead lately by sentiment following the lead of equities amid the absence of relevant local data being out these days. The pair got some support these last days from Chinese data, as May PMI came above expected, and positive growth in China surely means a better future for Australia. Next Tuesday, the RBA will have its monthly monetary policy meeting, but the central bank is largely expected to maintain rates at record lows and repeat the wording of its latest statement. More relevant for Aussie, will be Chinese trade balance figures to be out this week and headlines related to the trade war between the country and the US. Technically, the daily chart shows that the pair managed to close above a modestly bullish 20 DMA but also that the 100 DMA crossed below the 200 DMA, both well above the current level. Indicators in the mentioned chart have turned marginally lower within positive levels, indicating that buying interest is still limited. Shorter term, and according to the 4 hours chart, the pair is above a congestion of moving averages, all together in a 15 pips' range, while technical indicators also eased in positive territory, overall offering a neutral stance.
Support levels: 0.7535 0.7505 0.7470
Resistance levels: 0.7590 0.7620 0.7660
View Live Chart for the AUD/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of key US data
EUR/USD trades in a tight range above 1.0700 in the early European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays above 156.00 after BoJ Governor Ueda's comments
USD/JPY holds above 156.00 after surging above this level with the initial reaction to the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.